Rumblings Emerge on a Potential $3B Sale of The Team

Photo Credit: The Team

Suitors are lining up to court the former Wasserman agency since it rebranded and put itself up for sale to distance itself from its namesake.

Since Casey Wasserman’s emails surfaced in the Epstein files, the agency that carried his name has been hard at work rebranding to The Team and cutting ties with its now-controversial founder. Now, several investors have expressed interest in the agency since it put itself up for sale.

These include United Talent Agency; private equity firm Permira; former Endeavor chairman Patrick Whitesell; and a group that includes Reddit co-founder Alexis Ohanian and software company Avail chief executive Chris Giliberti.

The company’s annual earnings sit at around $200 million before interest, taxes, depreciation, and amortization, sources say. The deadline to submit a formal expression of interest was Monday, as part of a process managed by investment bank Moelis & Co.

Notably, the potential sale of the agency will partially rest in the hands of Wasserman, who still has a say in deal negotiations, according to sources close to the matter. Wasserman said back in February that he was exploring a sale of the agency amid backlash following the release of his emails to Epstein associate Ghislaine Maxwell. In March, the agency rebranded to The Team to carve its own identity beyond its founder.

Wasserman founded the firm 20 years ago and still retains a minority stake. Approximately 60% of the company is owned by Providence Equity Partners, who have said they would be willing to roll over their equity in the event that a party only buys Wasserman’s stake.

New investors in The Team would have access to a business with connections to some of the biggest names in entertainment, including Ed Sheeran, Kendrick Lamar, and Coldplay. Actor Brad Pitt is reportedly featured on the deck to draw potential investors to the firm. The Team also represents numerous stars across sports, film/TV, and music.